Shiba Inu Price Outlook: Will Recent Withdrawals Lead to a Bullish Reversal?

Shiba Inu Price Outlook: Where Will the Next Short-Term Resistance Be?

Shiba Inu Price Outlook – A recent development in the Shiba Inu (SHIB) market saw 151.61 billion SHIB tokens withdrawn from Coinbase, valued at approximately $2.41 million. This large-scale withdrawal could signal increased accumulation across the market, suggesting that investors are positioning themselves for potential future growth. However, the daily price action remained bearish, leaving traders questioning whether this would lead to a lasting shift or more losses.

Shiba Inu OBV and Market Structure Shift

On the 4-hour chart, a notable market structure shift was observed, with the price showing some signs of bullish movement. Despite this, the On-Balance Volume (OBV) remained below the lows from October 2024, indicating significant selling pressure over the past two months. The OBV has struggled to break these lows, which could delay any potential bullish recovery.

Key Support and Resistance Levels for Shiba Inu

Before the sell-off in early February, the $0.00002 level had flipped from support to resistance. $0.00001288 emerged as the next support level, with $0.000016 from October 2024 being another notable demand zone. The Relative Strength Index (RSI) also remained below 50, signaling that bearish momentum still dominated the market.

Short-Term Price Targets and Market Sentiment

As of now, the liquidation heatmap from the local lows earlier this month shows that the $0.0000154-$0.0000157 region could act as a short-term target. Above that, $0.0000174 is another potential price level to watch. However, this level is just above the local highs seen on the 4-hour chart, suggesting that traders with long positions might consider booking profits here, as the broader market sentiment remains bearish in the short term.

In conclusion, while the market structure on the lower timeframes suggests some bullish potential, the overall sentiment and indicators like OBV and RSI point to caution. Traders will need to carefully monitor whether sustained buying pressure can push prices higher, or if selling pressure will continue to dominate in the coming days.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.